The National Petroleum Authority (NPA) has released its latest petroleum price indicators, revealing a decline in global oil prices.
As of February 26, 2025, the prices of petroleum products have decreased, with crude oil prices falling to two-month lows.
According to the NPA, the Price Build-Up (PBU) effective March 1, 2025, shows a decrease in prices for petrol, gasoil, LPG, and jet/kerosene.
The prices of these products have decreased by 1.73%, 1.62%, 2.11%, and 1.20%, respectively.
The decline in global oil prices can be attributed to a surprise build in U.S. fuel stockpiles, which signals demand weakness.
Additionally, a potential peace deal between Russia and Ukraine has continued to weigh on prices, leading to a decrease in crude oil prices to $75.06 per barrel.
The NPA’s price indicators also reveal a slight increase in the exchange rate, with the Ghanaian cedi trading at GHS 15.5799 to the U.S. dollar, up from GHS 15.4244 in the previous pricing window.
The decrease in global oil prices is expected to have a positive impact on the Ghanaian economy, as it will lead to a reduction in fuel prices.
This, in turn, will reduce the cost of living for Ghanaians and make transportation more affordable.
-Daniel Bampoe
